Max is a fund manager who invests in small-cap growth stocks in the U.S. equity market. One of his clients chooses to evaluate his performance against a broad U.S. market index. The return of Max's portfolio is 18%, and that of the broad marke index is 12%. The return of a normal portfolio that invests in the small-cap growth stocks is 16%. Max's portfolio has a total active risk of 8% and a misfit active risk of 3%. Calculate the information ratio that most accurately reflects Max's investment abilities